(Li Zi-tian) With nearly 17,000 unsold flats in inventory of first-hand projects, developers have had no choice but slash prices. According to real estate agency data, as of July this year, 16,896 new developments were launched since 2016. Among them, Sun Hung Kai Properties (SHKP) and Henderson Land have the largest number of unsold units, accounting for nearly 40% of the leftover flats. SHKP had 3,271 unsold units, accounting for 19% of the total, while Henderson Land had 2,982 units, or 18%, with the largest number of two-, three-, and four-bedroom flats remaining.
Yang Ming-yi, senior associate director at Centaline’s research department, said that among Hong Kong’s five biggest property developers (CK Asset, Henderson Land, New World Development, SHKP, and Sino Land), New World and CK Asset had the lowest number of unsold flats, with only 530 and 281 remaining flats, comprising only 3% and 2% of the market respectively.
Two-bedroom flats account for over 30% of unsold flats
By floor plan, two-bedroom flats accounted for the largest amount of unsold flats in Hong Kong with 5,302 units, comprising more than 30% of the market. This was followed by three-bedroom flats with 4,648 units (28%), one-bedroom flats with 3,778 units (22%) and four-bedroom flats or above with 1,921 units (11%). Meanwhile, only 1,247 open-plan units remain (7%).
